Law New – New Laws in New York

Law New covers legal oddities, strange lawsuits, dumb crimes and celebs getting into trouble. Also included are law firm scandals and other news of interest to legal professionals.

A new statute makes banks liable for damages and attorney fees if they unreasonably refuse to accept a valid Statutory Short Form Power of Attorney (and the statutory gifts rider attached to it). The new law also clarifies that such powers of attorneys must be signed by the principal and cannot be made effective by an agent.

Once a law is passed by the City Council, the Mayor has 30 days to sign it into law or veto it. If the Mayor takes no action, or vetoes the bill and it is overridden by the Council by a 2/3 vote, it becomes law. The law will be added to the New York City Charter and Administrative Code. This is one of many new laws enacted this year. The others include: